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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period August 09 – August 13, 2021.
Ajit Prasad Press Release: 2021-2022/905 |
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Investment
oi-Vipul Das
The Pension Fund Regulatory and Development Authority (PFRDA) has amended the National Pension System’s premature exit regulations, mandating that a surplus of 20% be provided as a lump sum to the subscriber and the remaining balance be used to purchase an annuity from the Annuity Service Providers (ASP) empaneled by PFRDA. This premature exit will extend to the subscribers of both Government Sector and Non – Government Sector. Under NPS subscribers who are continuously invested for a period of 10 years are categorized as Non – Government Sector.
According to PFRDA, if the corpus is equal to or below 2.5 lakh, lump sum is payable and if the corpus is higher than 2.5 lakh, at least 80% of the accumulated pension wealth has to be utilized for the purchase of an Annuity providing for monthly pension to the subscriber. The balance of 20% is payable as a lump sum to the subscriber of the government sector on premature exit before 60 years/Superannuation. Whereas subscribers under the Non – Government Sector lump sum payable if the corpus is equal to or less than 2.5 lakh and if the corpus is more than 2.5 lakh, at least 80% of the accumulated pension wealth of the Subscriber has to be utilized for purchase of an Annuity. The balance of 20% is payable as a lump sum.
Under normal exit (60 years or beyond) & Superannuation), lump-sum withdrawal is allowed if the corpus is equal to or below 5 lakhs and if the corpus is more than 5 lakhs, at least 40% of the accumulated pension wealth of the subscriber has to be utilized for purchase of an Annuity providing for monthly pension to the subscriber. The balance of 60% is paid as a lump sum to the subscribers of government sector, Whereas subscribers under the Non – Government Sector lump sum withdrawal is allowed if the corpus is less than or equal to 5 lakhs and if the corpus is more than 5 lakhs, at least 40% of the accumulated pension wealth of the Subscriber has to be utilized for purchase of an Annuity. The balance of 60% is paid as a lump sum.
In case of unfortunate death of a subscriber of government sector lump sum is payable to nominees/legal heirs if the corpus is less than or equal to 5 lakhs. If the corpus is higher than 5 lakhs, at least 80% of the accumulated pension wealth of the Subscriber has to be utilized for the purchase of Default Annuity by dependents and the balance 20% is paid as a lump sum to the nominee/legal heir and if none of the dependent family members (spouse, mother & father) are alive unfortunately, 20% is to be paid as a lump sum to the nominee/legal heir. The balance corpus i.e. 80 % is payable to the surviving children of the Subscriber or to the legal heirs. Whereas subscribers under the Non – Government Sector the entire accumulated pension wealth of the Subscriber is payable to the nominee or legal heirs.
For subscribers who are on-boarded NPS between 18-60 years, PFRDA has clarified in its circular dated 21st September 2021 that “Default Annuity Scheme provides for Annuity for life of the subscriber and the spouse with provision for return of purchase price of the Annuity. Upon the demise of such annuitants, the Annuity will be re-issued to the family members. After the coverage of the family members, the purchase price shall be returned to the surviving children of the Subscriber and in the absence of children, the legal heirs of the Subscriber, as may be applicable.”
Subscribers who join NPS beyond 60 years:
The exit before 3 years shall be treated as ‘premature exit’ and those withdrawals beyond 3 years is the ‘normal exit’. For premature exit, the permissible limit for a lump sum is 2.5 lacs and 5 lacs under normal exit without the need for annuitization. In case of the unfortunate death of those subscribers, the entire corpus shall be paid to the nominee/legal heirs, said PFRDA.
According to PFRDA, if the corpus is equal to or below 2.5 lakhs, lump sum is payable, and if the corpus is higher than 2.5 lakhs, at least 80% of the accumulated pension wealth has to be utilized for the purchase of an Annuity providing for monthly pension to the Subscriber. The balance of 20% is payable as a lump sum, to the subscriber of non-government sector on-boarded NPS between 60-70 years of age but made a premature exit before completion of 3 years.
In case of a normal exit made after completion of 3 years, lump-sum withdrawal is allowed if the corpus is equal to or below 5 lakhs and if the corpus is more than 5 lakhs, at least 40% of the accumulated pension wealth of the Subscriber has to be utilized for purchase of an Annuity providing for monthly pension to the Subscriber. The balance of 60% is payable as a lump sum to the subscriber.
In case of unfortunate death of a subscriber of non-government sector, the entire accumulated pension wealth of the Subscriber is payable to the nominee or legal heirs, according to the new premature exit rules made by PRRDA on dated 21st September 2021.
Source: PFRDA
Story first published: Wednesday, September 22, 2021, 17:38 [IST]
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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period August 02 – August 06, 2021.
Ajit Prasad Press Release: 2021-2022/904 |
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India wants to block Chinese investors from buying shares in Life Insurance Corp (LIC), which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations.
State-owned LIC is considered a strategic asset, commanding more than 60 per cent of India’s life insurance market withmore than $500 billion assets. While the government plans to allow foreign investors to participate in what is likely to be the country’s biggest-ever IPO worth a potential $12.2 billion, the sources said it is cautious of Chinese ownership, the sources said.
Read also: Centre’s big push to LIC’s mega IPO
Political tensions between the countries rocketed last year after their soldiers clashed on the disputed Himalayan border, and since then, India has sought to limit Chinese investment insensitive companies and sectors, banned a raft of Chinese mobile apps and subjected imports of Chinese goods to extra scrutiny.
“With China after the border clashes it cannot be business as usual. The trust deficit has significantly widen(ed),” said one of the government officials, adding that Chinese investment in companies like LIC could pose risks.
The sources declined to be identified as discussions on how Chinese investment might be blocked ongoing, and no final decisions have been made.
The finance ministry and LIC did not respond to Reuters emailed requests for comment. China’s foreign ministry and commerce ministry did not immediately respond to requests for comment.
Aiming to solve budget constraints, the Centre hopes to raise ₹90,000 crore by selling 5 per cent to 10 per cent of LIC this financial year which ends in March. The government has yet to decide whether it will sell one tranche of shares seeking to raise the full amount or choose to seek the funds in two tranches, sources have said.
Under current law, no overseas investors can invest in LIC, but the government is considering allowing foreign institutional investors to buy up to 20 per cent of LIC’s offering.
Options to prevent Chinese investment in LIC include amending the current law on foreign direct investment with a clause related to LIC or creating a new law specific to LIC, two of the government officials said.
They added that the government was conscious of the difficulty in checking on Chinese investments that could come indirectly and would attempt to craft a policy that would protect India’s security but not deter overseas investors.
A third option being explored is barring Chinese investors from becoming cornerstone investors in the IPO, said one government official and the banker, although that would not prevent Chinese investors from buying shares in the secondary market.
Ten investment banks, including Goldman Sachs, Citigroup, and SBI Capital Market have been chosen to handle the offering.
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This fund is a multi-cap mutual fund scheme founded by the fund house PGIM India Mutual Fund in the year 2015. According to Value Research, PGIM India Flexi Cap Fund Direct-Growth returns over the previous year have been 74.19 percent, with an average annual return of 17.60 percent since its debut. The fund has a 0.22 percent expense ratio, which is lower than most other funds in the same category.
The fund has major equity sector allocation across Financial, Technology, Healthcare, Construction, Chemicals sectors. ICICI Bank Ltd., Infosys Ltd., Alkem Laboratories Ltd., State Bank of India, and Larsen & Toubro Ltd. are the fund’s top five holdings. The fund’s Net Asset Value (NAV) is Rs 28.95 as of September 21, 2021, and its Asset Under Management (AUM) is Rs 2,030.64 Cr. If you withdraw more than 10% of your investment within 90 days, the fund will charge you a 0.5 percent exit load. SIPs in this fund can be started with as little as Rs 1000 per month.
It is a multi-cap mutual fund scheme offered by UTI Mutual Fund, which has been in operation for the past eight years. According to Value Research, UTI Flexi Cap Fund Direct-Growth returns over the last year have been 73.71 percent, with an average annual return of 18.42 percent since its debut. The fund’s expense ratio is 1.09 percent, which is higher than the expense ratio charged by most other funds in the same category. CRISIL has given UTI Flexi Cap Fund Direct-Growth a 1-star rating, whereas Value Research and Morningstar have given it a 5-star rating, indicating its potential to provide returns in the long term.
The major equity allocation of the fund is diversified across Financial, Healthcare, Technology, Services, Chemicals sectors. Bajaj Finance Ltd., HDFC Bank Ltd., Larsen & Toubro Infotech Ltd., Housing Development Finance Corpn. Ltd., and Kotak Mahindra Bank Ltd. are the fund’s five best holdings. As of September 21, 2021, the fund’s Net Asset Value (NAV) is Rs 277.01 and its Asset Under Management (AUM) is Rs 22,591.88 Cr. The fund charges an exit load of 1% if units more than 10% of the investments are liquidated within 1 year of the purchasing date. With a minimum monthly contribution of Rs 500, one can start SIP in this fund.
Based on earlier performance and ratings assigned by different leading agencies, we have selected the best performing flexi cap mutual funds based on our own analysis and research.
| Funds | 1-month returns | 6-month returns | 1-year returns | 3-year returns | 5-year returns | Rating by CRISIL | Rating by Value Research | Rating by Morningstar |
|---|---|---|---|---|---|---|---|---|
| PGIM India Flexi Cap Fund | 4.47% | 31.65% | 74.19% | 29.12% | 21.03% | 1 | 5 star | 5 star |
| UTI Flexi Cap Fund Direct Growth | 7.55% | 26.51% | 73.71% | 24.50% | 19.71% | 1 | 5 star | 5 star |
The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advice to buy or sell stocks, gold, currency, or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates, and authors do not accept culpability for losses and/or damages arising based on information in GoodReturns.in
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Across the world, corporates are aggressively investing in the Agile transformation of their organisations to meet the demands of the market during the pandemic. In an interaction with BusinessLine, Vijai Kishan, Head – Personal Investing, Fidelity Investments India talks about how the company adapted to the “new way living, working and being.”
Are the rules for agile transformation being rewritten following the pandemic?
To me, it makes all the difference whether an organisation pursues agile transformation just for the sake of it or if it does so because it truly believes in the value such a transformation can bring. At Fidelity, we began our agile journey way before the pandemic hit. We were among the first financial service organisations in the US to implement agile principles at scale. Business, product, and marketing teams were aligned to cross-functional teams supported by agile tools, practices and coaches and a strong commitment to learning and skills development. We believe there is a significant difference between doing agile and being agile. Going into our journey of transformation, we knew there was no going back. We saw ourselves as explorers heading into the unknown, and once on this journey, we would have to “burn our boats”. This would be our new way of living, working and being. Our journey also reiterated Fidelity’s commitment to learnability. We launched a unique concept called ‘Learning Days’, where one day a week is dedicated to learning. The results were highly satisfying – existing skills were enhanced, new skills were added to the group, processes moved even faster, and talent rotation resulted in skills being distributed across teams.
How do organisations like yours help stakeholders, especially employees, to buy into adopting agile practices as resistance to change is itself a big barrier for transformation?
As with any other change, resistance is a natural outcome. We drove a culture of transparency so we could address all concerns and make changes where necessary. We created several listening posts and forums for employees to share their experiences and inputs and ensured they were always heard. It was essential that all team members were on the same page, completely invested in, and committed to the journey. The results soon become apparent for all to see. We effectively enabled more direct connections between employees and the leadership by flattening our organisational structure, thus empowering and enabling more agile thinking and working across teams. Furthermore, skills were enhanced across the board, positive multiplier behaviours and practices rewarded, and an energised and empowered workforce was built for the long term.
According to a recent survey, 47 per cent of agile transformations fail. What should organisations do to ensure that their best practices are implemented successfully?
The success of agile transformation depends on an organisation’s commitment to developing robust people practices and processes. At Fidelity, we wanted to build teams that were excited, energised, and as fully invested in the journey as we were. Our end goals were clear and transparent, and we involved employees completely in the decision-making process. All of these helped ensure we were able to surge ahead as one unified team of passionate individuals working together for the collective good of the organisation and the customers we serve.
What are the three main challenges for implementing agile transformation?
a) Having the Will: Organisations wishing to implement agile transformation should be committed to the process and appreciate its impact and scale. They must also be able to take their employees along and create flat organisational structures to enable their participation in decision-making.
b) Focusing on Skills: By investing a significant portion of the work week in enhancing learnability across our teams, we emphasised the importance of skills enhancement in line with our new ways of working. This should be a key focus for organisations, along with creating new learning and collaboration platforms that are centrally available.
c) Investing in the Thrill: The biggest challenge is getting your workforce invested in the success of such a massive change. Once they are on board, they become your most powerful proponents, helping drive the change across the organisation.
Typically, what is the cost and scale of implementing agile practices in an organisation?
We see agile transformation as more of an investment than cost, as evidenced by our commitment to learnability. The benefits we gain as an organisation far outweigh these investments, which are really building organisational muscles for the future. While we have seen positive results on every metric, we have actually redefined the way we look at metrics – not as mere numbers to be surpassed, but a culture that is committed to quality on every front. The culture we have built is truly satisfying. We now have a highly skilled workforce, each employee completely invested in and committed to the journey. We have merely laid the guardrails and built systemic mirrors for our self-governing teams to power forward.
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CRISIL Ratings has upgraded its rating on the Tier-I bonds (under Basel III) of Bank of India (BoI) to ‘AA/Stable’ from ‘AA-/Stable’. The credit rating agency has also assigned its ‘AA+/Stable’ rating to the public sector bank’s ₹1,800 crore Tier-II bonds (under Basel III).
The upgrade in the rating of Tier-I bonds (under Basel III) factors in improved position of BoI to make future coupon payments, supported by an adjustment of accumulated losses with share premium account, and the improved capital ratios, CRISIL said in a statement.
“Pursuant to the adjustment, the eligible reserve to total assets ratio for the bank has improved,” it added.
Additionally, as per the Department of Financial Services Gazette notification of March 23, 2020, referred to as Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2020, the bank still has share premium reserves which can be utilised to set off any losses in future, and this supports the credit profile of Tier-I (under Basel III) instruments.
Also read: Imitating a fintech firm not the right business model: Former RBI Deputy Gov
“However, any substantial depletion of the share premium account or any regulatory changes to appropriation of the share premium account pertaining to adjustment of accumulated losses are key monitorables,” CRISIL said.
The agency emphasised that supported by the regular capital infusion made by the government of India (GoI) and higher accrual, BoI’s capital ratios have improved, as reflected in Tier-1 and overall capital to risk-weighted adequacy ratio (CRAR) of 12 per cent and 15.1 per cent, respectively, as on June 30, 2021 as against 9.5 per cent and 12.8 per cent, respectively, as on June 30, 2020 (12.0 per cent and 14.9 per cent, respectively, as on March 31, 2021).
Further, the recent qualified institutional placement (QIP) of ₹2,550 crore in August 2021, should also support the capital position.
The overall ratings continue to reflect the expectation of strong support from the majority stakeholder, GoI, and the established market position and comfortable resource profile of the bank. “These strengths are partially offset by weak asset quality and modest earnings profile,” the agency said.
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Ajit Prasad Press Release: 2021-2022/903 |
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Tender for Conducting Electrical Safety Audit of Bank’s Campus at College of Agricultural Banking, Reserve Bank of India, Pune – 411 016. The Schedule of the tender is given below:
Principal |
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Ujjivan Small Finance Bank is seeking to get its house in order after the sudden announcement of the exit of its Managing Director and CEO Nitin Chugh last month, and the old order is likely to make a comeback at the lender.
Three independent directors including BA Nambiar – Chair Designate, Ujjivan SFB, Rajni Mishra – Chair of Risk Committee, and Ravichandran Venkataraman – Chair of Nomination and Remuneration Committee, are a part of the RBI approved Special Committee of Directors to oversee the operations and administration of the bank, Samit Ghosh – Common Director on Ujjivan SFB and Ujjivan Financial Services told BusinessLine in a message. He, however, did not respond to requests to speak further on the bank.
Also see: Making the banking sector more vibrant
“It looks like the old order strikes back with Samit Ghosh wanting to retain control of the likely merged entity. The Reserve Bank of India has now allowed merger with holding companies,” noted an expert who did not wish to be named.
“Bank has started working internally along with the Holding Company to initiate various steps for effecting the reverse merger,” Chugh had said in the annual report.
Significantly, Carol Furtado who has been appoitned as Officer on Special Duty (OSD) and will then take charge as Interim CEO, has been a part of the Ujjivan Group since 2005 and was designated at Ujjivan SFB as Head of Operations and Service Quality. Subsequently, she moved into Ujjivan Financial Services, serving as the CEO.
The lender is scheduled to hold its annual general meeting on September 27 where it will have to address shareholder queries on reasons for top level exits from the management.
The AGM has also sought shareholders’ approval to appoint Samit Ghosh and Sudha Suresh as non-executive non-independent directors and appointment of Rajni Mishra, Banavar Anantharamaiah Prabhakar, Rajesh Kumar Jogi and Ravichandran Venkatarama as independent directors on the board of Ujjivan SFB.
The bank’s management has remained tight lipped about these recent developments, although there have been indications that some felt there was undue interference from the holding company – Ujjivan Financial Services.
Ujjivan SFB did not respond to a query from BusinessLine on the issue.
In a stock exchange filing on August 19, Ujjivan SFB had said Chugh has tendered his resignation as MD and CEO citing personal reasons. He will step down from the role on September 30.
Analysts had noted at the time that while the press release indicated that Chugh’s resignation was due to personal reasons, the impression from the analyst call was that it was mainly due to the bank’s persistent under performance on the asset-quality front, delayed recognition and correction of NPAs in MFI, and large-scale attrition at the lower-middle level.
“In our view, apart from the bank’s under performance, some niggling issues with the old management and his incompatible new-age management style in the still MFI-dominated old school bank, could also have contributed to the resignation,” Emkay Global had said in a note last month.
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